Regions Midwest
Strategic Hotels & Resorts Not Drops Chicago Hotel Development Space Buy
Oct 3, 2008

Strategic Hotels & Resort Inc. has  announced that it is not going ahead with its  contracted purchase of hotel development space at the Aqua Building, which is currently under construction and adjacent to the company's Fairmont Chicago Hotel. In conjunction with the decision not to proceed, the firm estimates it will take a one time charge of approximately $36 million in its third quarter 2008 financial results, which includes the loss of $28 million deposited in the form of a letter of credit to secure the contract and approximately $8 million in planning and development costs. As a result of this decision, capital expenditure needs will be reduced by approximately $100 million.

 
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